TV Antennas Boost Audiovox Sales
October 22, 2009
Audivox Corporation reported its fiscal 2010 second quarter and six month results last week. The company said accessories sales for the first six months of fiscal 2010 were $86.7 million, a 30.5 percent increase over the $66.4 million sales reported in the comparable fiscal year period.
Audiovox noted that the increase was primarily driven by new customers and higher sales resulting from the move from analog to digital TV broadcasting. The company’s electronics sales figures, including both mobile and consumer electronics, showed a decline.
“New programs with FLO TV, Sony Playstation and Sirius XM and the incremental revenues from the recent acquisition of Schwaiger should help offset some of the market weakness,” said Patrick Lavelle, Audiovox’s CEO. “Despite lower sales, we believe our market positions have improved, and our portfolio of brands and distribution has never been stronger. We continue to look at acquisition opportunities and remain well financed to take advantages of opportunities as they arise. Issues still remain, but the long-term future for this company is bright.”